The payment and cash flow review will scrutinise existing payment practices and the measures in place to make sure small firms are not ripped off by their larger clients.

With over £23.4bn currently owed in late invoice payments, many small businesses continue to spend significant time and resources chasing late payments from the businesses they supply, with some taking several months before paying their suppliers.

Such delays can lead to cash flow problems for many small businesses, alongside hampering business growth, as they do not have the money to buy inventory stock, equipment, or invest in their future.